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Showing posts with label Home loan. Show all posts
Showing posts with label Home loan. Show all posts

28 May 2015

Confused how home loans can get you Tax benefits?

Naiknavare Developers - Pune
In a country like India, where the growing population is a major concern today, buying homes comes out to be an equally critical issue. Everybody desires to have a home of their own. In such a scenario, most of the people who are salaried employees depend upon the home loans for buying themselves their first house. However, not everyone knows how tax benefits can be claimed when they buy a property.

Quite often, questions like whether an income tax benefit can be obtained when you already possess multiple properties, out of which some are rented out, come up while a person is about to purchase a property and is thinking of applying for a home loan.

With a home loan you are entitled to pay a generous amount as an interest over a period of time which has dual benefits. We shall discuss a few points that would be helpful for you in availing the income tax benefits with more efficiency.

  • House Rent Allowance (HRA) Exemption

If you have applied for a home loan for a property that you want to buy and you are staying in the property, then you are eligible to claim tax benefits on both, the principal and the interest of the home loan that you have applied for.

Regarding the actual HRA from the employer/ the company, according to section 10(13A) of Income Tax Act, 1961 read with rule 2A of Income Tax rules, you are exempted from tax with one of the following three conditions where the value considered for the actual HRA exemption will be the minimum value among the below mentioned figures:


  • Actual HRA received
  • Rent Paid in excess of 10% of salary (Basic + DA)
  • 40% of salary (50% in case of metro city) where salary includes Basic + DA


Hence, it is important to have clear information about each of these so as to claim your HRA.  We shall understand this with the help of an example in our next post as the benefits do not end here. Stay tuned!

5 May 2015

EMI: Evaluate, Manage and Implement?

Have you opted for a home loan? Are you aware of the EMI that is applicable for the home loan you have opted for at a certain rate of interest?

Calculating EMI is not a mammoth task but is a very crucial step when it comes to payment of the loan that you have opted for!  Don’t you think EMI can be planned and evaluated with a well managed strategy to make loan payment easier?

Well! That is what we are speaking about today!

EMI –Equated Monthly Installment or EVALUATE, MANAGE, IMPLEMENT?

Evaluating the loan amount can be helpful in understanding the amount that needs to be repaid. A proper evaluation can give you a complete detailed information regarding the cycle of EMI for your home loan.

Managing the loan amount includes the steps for obtaining a maximum amount as loan for the property value as the home loan is a long term loan that is taken by customers at floating rates. Home loan is one of the biggest financial commitments that we make in our lives and hence, we need to be as aware and structured as possible while we opt for the loan and while we repay the loan amount.

Implementation of the strategy like opting for  long term loan that can reduce your EMI amount,   to repay the loan amount should also be considered while loan repayment. Proper evaluation, management and implementation is required. This can be done via extensive research about banks that are offering loans at different rate of interests and the duration of the time for their payment of the same.

If you are thinking of applying for a home loan, the below mentioned link can help you find out the EMI that you would be paying for the amount you have opted as a home loan.


Do let us know if you are stuck anywhere in calculating the EMI of the loan you are planning to opt for.

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